Houston Market Report: November 2015

Norhill Realty December 22, 2015

Although flattening out, Houston home prices for November continue to grow year-over-year. The average home price rose 3.7 percent from last year to $303,966 -- up from $293,103 in November 2014 -- while median prices jumped 3 percent year-over-year to $195,000, according to data obtained from Houston’s MLS.

Housing inventory remained consistent at 3.5 months across the city from October, but don’t be fooled into thinking that means a long and anxious wait if you’re a Seller. The Houston market is still strong, especially when compared to the current 4.8-months supply of homes nationally. Additionally, half of all homes in Houston sold in 23 days or less, giving new meaning to getting “home for the holidays.”

NOVEMBER 2015: HOUSTON REAL ESTATE MARKET AT A GLANCE

Single-family home sales fell 10.5 percent compared to November 2014, marking the second consecutive monthly decline and sixth month of negative sales volume for all of 2015
Total property sales dropped 10.1 percent (5,623 units)
Total dollar volume decreased 13.5 percent to $1.4 billion
At $262,064, the single-family home average price saw its first decline since February 2012
At $200,000, the single-family home median price achieved a November high
Single-family homes months of inventory climbed to a 3.4-months supply versus 2.7 months a year earlier